Tuesday, 25 October 2011

India Cabinet approves National Manufacturing Policy

The federal cabinet today approved the National Manufacturing Policy. Under this policy, which has now been approved with the consent of the State government, it will increase the share of manufacturing in national output to 25% by 2022 than the current 16%.

It also aims to generate 220 mn jobs in the manufacturing sector. Also, according to Mr. Manmohan Singh a Special Purpose Vehicle (SPV) will be set up which would be headed by a CEO, and this will monitor the developments of National Manufacturing Investment Zones (NMIZ’s). These NMIZ would have facilities like industrial towns and other infrastructure like we have in China, which is considered as a global manufacturing hub.

Earlier last month, the ministries of environment and labour were opposed to the proposals brought in by the Industry Ministry. Prime Minister Manmohan Singh had formed a Group of Ministers (GoM) headed by Agriculture Minister Sharad Pawar to resolve the contentious issues.


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